- On average, shoppers plan to spend $723 on holiday gifts, compared to $831 in last year’s survey and $896 in the 2007 survey. Women plan to spend more than men – $742 versus $702, respectively.
- Forty-seven percent of shoppers plan to spend between $100 and $500 this holiday season while a quarter (25 percent) anticipate spending anywhere from $500 to $1,000.
- Forty-three percent of shoppers plan to spend less this holiday season. Of this group, 48 percent say that the economy was very influential in their decision to do so.
- As the holidays approach, 63 percent of shoppers say they are very concerned, concerned or somewhat concerned about their finances. This is down from 74 percent who said the same last year.
- Sixty-six percent say they plan to stay within their holiday shopping budget. This is down slightly from the 73 percent who said they would do so last year.
Holiday Shoppers Seek Deep Sales, Incentives and Less Expensive Brands; Credit Card Rewards Likely To Spur Purchases
Shoppers planning to spend less this holiday season will use several strategies to save money. Looking for sales is among the most popular
– 62 percent say that they will limit purchases to items that have deep sales, such as 25 percent off.
Fifty-seven percent say they will purchase less expensive brands while an equal percentage will seek out special shopping incentives such as free shipping.
Thirty-five percent say they will wait to shop in order to take advantage of last minute deals. Thirty-four percent say they will reduce the number of people they normally buy for, and 17 percent will “regift.”
Nearly one in five shoppers (18 percent) reported that extra credit card rewards would motivate them in making a holiday purchase.
“Finding the perfect gift is never easy, and this year shoppers will be looking for ones that also fit within their budgets,” said Ryan Garton, director of customer insights for Discover Financial Services.
